(November 1 – 14:00 ET) –
Mackenzie Financial Corp.,
which has long eyed the European
market, has finally made a move by
buying 24.9% of Premier Asset
Management PLC for £6 million,
or about $14.5 million.
Mackenzie plans to launch two
new Canadian funds to be managed
by U.K.-based Premier, and will
work with Premier’s Luxembourg
operation to sell its funds in
Europe. Jim Hunter, Mackenzie’s
president and chief executive,
cited the use of independent
distributors as one of the
similarities between it and
Premier that will make the firms
blend well together. The two plan
to co-operate on technology,
including Internet distribution
strategies, and marketing through
independent reps.
Premier is an independent fund
manager with about £380 million
(about $918 million) under
management in offshore funds,
mutual funds and for high net
worth clients. It has been around
since 1985 and is listed on the
London Stock Exchange. The firm
will use the cash infusion to
expand its business, including
possible acquisitions of other
fund managers.
By contrast, Mackenzie has more
than $35 billion under management
and more than $48 billion under
administration, including its U.S.
subsidiary and MRS Trust
subsidiary.
IE Staff
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